The pair is rising after yesterday’s drop caused by the collapse in crude oil prices. Today, amid the backdrop of the positive market sentiment, expect a local growth and the formation of the descending flag trend continuation pattern.
Technical side:
The price is at the level of the middle Bollinger band, above the SMA 5 and SMA 14. RSI crosses the bottom-up level of 50% and gives a buy signal. Stoch are also crossing the 50% level.
Trading recommendations:
Buy the pair after it crosses 0.6355 with a likely local target of 0.6445.
